Wondering about writing a book? Questioning exactly how authors make money? How much can an author really make per book? To be successful, there is a need to plan ahead to make the most of the opportunities you can make. In this, you’ll find out some of the many ways authors are making money. First, let’s dismiss a few myths.
Table of Contents
Myth 1
Commonly, there are authors are seen in two categories: best-selling and rich authors (e.g. Stephen King with a net worth of $500 million) VS the starving artist, who struggles to sell their book(s). Actually, there are many authors who are thriving which do not fit into either of these categories:
Myth 2
Buyers will come to me. With the stiff competition out there, you need to be marketing yourself a lot, if not constantly to get sales. Unless you have a pre-existing fanbase who you know will want to read your book or can capture the attention of potential buyers- you won’t sell a thing. How are they managing to sell their book(s)?
6 Ways To Make Money Off Your Book
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1 Books Come In Different Forms
Consider having your book in different physical forms:
- Paperbacks – people like having a physical copy of books, creating opportunities such as author signings and panels.
- Hardcovers – costlier version with the benefits of readers who prefer hardcovers which sell for more
- Audiobooks – options of reading your own book or paying someone on, for example, ACX which can be sold through Amazon, Audible or iTunes.
- Ebooks – quick way for your potential buyer to have be able to read your book in seconds. With no cost of shipping your item.
The more forms your book can take, the more likely you are to get sales. Your audience has preferences, to enable the best chances of your target audience wanting a copy of your book, it is a good idea to create your book in as many forms as possible.
2 Pre-sales
This is a tool to build excitement for the book launch. The more excited people get the more likely they will be to place a preorder to read your work. How can I set up pre-sales for my book?
- Plan different promotions for each week leading up to the launch
- Hold contests for: chapter reveals or merch.
- Ensure the link to your book is EVERYWHERE. Put it on all your social media, your blog and ads to ensure your target audience can order quickly.
Pre-sales work well when there is a sense of urgency. For example, 30% discount one time only offer, order your copy now while stock lastest.
3 Online Courses
People are always interested in how an author has created their books, especially if they’ve loved reading it. You can create a passive income by making online courses. How? These courses have been made in a single timeframe, you can then reap the benefits again and again when your audience pays to use this service. Where can I make courses?
- On your website (full profits go to you)
- Skillshare
- Teachable
- Udemy
- Private Facebook groups
4 Public Speaking
It is easy to think that you won’t be able to stand in front of an audience and talk about your book. You can make a list of organisations that could use training straight from your book. Depending on your book topic, you will have a wide array of training you could deliver. If you have a fiction book you could make a presentation on how to write crime fiction to drafting a novel. On the other hand, you may have a non-fiction book about mental health. The information inside your book could be used as a seminar about your experiences, what you’ve learned, how you overcame/ are still overcoming ___ and what the audience can do now to reach out for help. Your novel can then be given as gifts in these events or as prizes. Creating both interest and word of mouth advertising after the event is over. Here are a few you can try:
- Ted Talk
- Youtube
- Network lunches
- Non-profit businesses
This is not for everyone so why not try…
5 Webinars
The word meaning a combination of “web” and “seminar”, it is a video workshop. There are many reasons to use this as a platform to endorse your book:
- An entry point to sell your product/services
- Demonstrate expertise to the audience (at the same time building trust as this is normally a free or small fee to enter. Enabling your audience to see the benefit of what else this expert can teach them for ___ amount).
- Asking the audience questions to tailor content in real-time
- The audience is more engaged (when people are chatting while learning, getting answers to their own questions, they focus and engage more by default).
This is a great option for those who may not feel confident enough to stand in front of many people or if you are unable to find events to exhibit your book. Think of a webinar more like a chat, yes you are doing most of the talking as you are delivering an idea but you will also be interacting with your audience a lot. Whether this is throughout your presentation or at the end.
6 Use Feedback As Advertising
Get reviews from paid or free sales. Why would I let others read my book for free? Free advertisement. Selling your book for £0 or cheaper for a limited amount of time in return for reviews is another way to advertise. It is an amazing way to show others of your target audience why they should be ordering your book!
You can get reviews directly on the site the customer has bought it on, but don’t forget about social media.
Encourage people to talk about your product wherever you can. Is there a hashtag? Have you been tagged by a happy reader? Ensure you are replying to as many of your readers as possible because people want to support those who interact with their audience.
Say that you’d love to hear what people thought and asking to be tagged, increases the relationship you have with your fanbase. You want people to be searching about this one author (you) who is so friendly and offers promotions or goodies for the people who support/ follow them! The author who cares about its readers.
Do you have a blog? Give your followers a discount or added goodie because you are thankful that they follow you. Furthermore, you could give X amount of first buyers to get 15% off. Make your book irresistible and people feel like there are no downsides to buying your book.
What else can you do with reviews?
Then, will all the feedback you have received, you are able to take a few and show your target audience what others have thought of it to reinforce the idea of buying your book. Put it on your landing page, latest social media post etc.
There’s nothing better than hearing from a consumer what their experience was like to entice others who were on the fence to spend a little.
Let me know in the comments if this has been helpful or if you have tried any of these. Until then. Helpful links to keep in mind as a writer AND blogger:
- Want to learn how to set up the blog fast with all the fundamentals? Click here.
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- Bluehost, one of the most affordable web hosting companies
- Skillshare FREE 30-day trial
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